The battle over the looming spending cuts and tax increases known as the "fiscal cliff" begins this week where it ended last week — deadlocked. While there is no agreement on how lawmakers should work out the details of a compromise, there is widespread consensus that a deal must get done for the good of the country.
Treasury Secretary Timothy Geithner says it's up to congressional Republicans to take the next step in budget talks to avoid the pending automatic spending cuts and tax increases at the end of the year.
As Congress and the White House battle over a tax and spending plan before the end of the year, one number is at the forefront: $250,000. That's the income level above which the White House wants taxes to rise. Host Guy Raz speaks with Reuters personal finance columnist Linda Stern about where that amount of money goes a long way, and where it doesn't. Plus NPR's Mara Liasson weighs in on the state of budget talks in Washington.
Originally published on Sun December 2, 2012 2:50 pm
By Krishnadev Calamur
Treasury Secretary Timothy Geithner, seen here on NBC's <em>Meet the Press</em> on July 10, 2011, took to the Sunday talk shows to make the administration's case on the negotiations over the "fiscal cliff."
Credit William B. Plowman / AP
Treasury Secretary Timothy Geithner took to the Sunday talk shows to push the Obama administration's plan to avert the "fiscal cliff," saying that while he was optimistic about a deal with Republicans, there would be no agreement without an increase in tax rates for the top 2 percent of income earners.
Before the official start of his second term, the president himself has to deal with a major legislative challenge, the across-the-board spending cuts and tax increases that will take effect next year unless the White House and Congress can reach a compromise. But in lieu of banging out a deal with congressional leaders face to face, the president is taking his case for how to solve the crisis on the road.
This is WEEKEND EDITION from NPR News. I'm Rachel Martin.
President Obama has less than two months before the start of his second term. Often, that means a lot of shuffling in the presidential cabinet. The recent resignation of CIA Director David Petraeus means there's an open spot at Langley. And Secretary of State Hillary Clinton has said she will leave that office at the end of the year.
Weekend Edition host Rachel Martin speaks with NPR's Tamara Keith about the latest developments in the federal budget negotiations and the impending package of tax increases and spending cuts that are set to automatically go into effect unless Congress acts by Jan. 1, 2013.
Making an already head-splittingly difficult deal on the fiscal cliff even harder to resolve is a set of three rules by which the Republicans who run the House play.
These are not official regulations; they're more shibboleths that House GOP leaders have adopted in recent years. And those rules are leaving House Speaker John Boehner, R-Ohio, little room to maneuver as lawmakers try to avoid a set of tax increases and spending cuts set to take effect at the end of the year.
Jimmy Stewart in a scene from the 1939 film <em>Mr. Smith Goes to Washington</em>.
Sen. Carl Levin, the Michigan Democrat who chairs the Senate Armed Services Committee, was clearly frustrated with the tactics some of his colleagues were using to gum up the legislative process.
The mere threat of a filibuster of a procedural motion to allow the defense authorization bill to be considered on the floor caused the Senate's leadership to balk at scheduling the legislation at all.